Mechanical stress is a crucial factor affecting the life and insulation performance of DC-link capacitors (DCLCs). However, at present, there is a lack of long-term experimental observations on the effects of mechanical stress on the life and insulation performance of DCLCs. The element-winding process for DCLCs is carried out by winding metalized film on a reel and adjusting the various winding tensions and pressures according to performance requirements, usually with a winding tension coefficient (WTC) of kT = 1.5. The pull pressure of the winding machine on the film produces tension during the elements’ winding process, and the tension in the film grows after the heat-setting process. In this study, by adjusting the four tension coefficients of the elements in the winding process, which were 1.4, 1.5, 1.6, and 1.7, various winding tensions of the DCLC components were changed. Additionally, various heat-setting shrinkage tensions were appropriately generated by setting different heat-setting temperatures (HSTs). Relevant test platforms were established, and a life aging test, insulation resistance measurement, and withstand voltage test were performed on these DCLCs at different tension coefficients and HSTs. The obtained results reveal that the mechanical stress of DCLCs is affected by the parameters of the material itself, including the tension coefficient during the winding process and the HST. The winding tension affects the life of DCLCs, such that those with the highest tension (kT = 1.7) demonstrate the longest life at an HST of 105 °C, whereas samples with the lowest tension (kT = 1.4) exhibit the longest life at an HST of 110 °C. HSTs are capable of improving the lifetime of DCLCs. HSTs are also able to improve the withstand voltage capability of DCLCs, but the tension is not proportional to the withstand voltage capability of DCLCs. This research provides a suitable basis for further explorations of the life and insulation performance of DCLCs.